ECONOMIC ISSUES IN FORMULATING POLICY FOR EARTHQUAKE HAZARD MITIGATION |
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| Authors: | Jerome W. Milliman R. Blaine Roberts |
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| Affiliation: | JEROME W. MILLIMAN is Director of the Bureau of Economic and Business Research and Professor of Economics at the University of Florida. His recent work concerns economics of natural hazards and their mitigation.;R. BLAINE ROBERTS is Vice-president of Merrill Lynch Mortgage Capital, Inc. in New York City. He is on leave as Professor of Economics at the University of South Carolina. Roberts directed the NSF sponsored study on regional economic impacts of earthquakes snd their prediction. |
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| Abstract: | This paper analyzes three issues in the economics of earthquake hazard mitigation policy. First, the economic rationale for the public role in mitigation policy is advanced. Second, an efficient level of mitigation is specified. And third, the deficiencies of current measures of losses are examined. Proper measures of losses are identified and the need for a regional economic model is developed. Unless losses can be properly measured it will be impossible to develop an efficient mitigation program for earthquake hazards. |
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